Photo: Courtesy of Honeywell
Honeywell, the industrial conglomerate that moved its headquarters to Charlotte from New Jersey in 2019, is splitting into three separate businesses following pressure from activist investor Elliott Investment Management.
Why it matters: How the split will shake up Honeywell’s local HQ operations, where it employs 1,150, remains to be seen.
What’s happening: Honeywell will spin off its aerospace unit from its automation arm, while continuing with previously announced plans to split off its advanced materials business, Axios’ Dan Primack and Michael Flaherty reported.
Zoom in: Honeywell Automation’s headquarters will remain in Charlotte and Aerospace will remain in Phoenix, spokesperson Caitlin Leopold told Axios.
- “We will be making an announcement on Advanced Material’s headquarters in the next few weeks,” Leopold added.
Leopold did not comment specifically on the split’s effect to the Uptown headquarters, nor would she say how many employees each business unit has.
Between the lines: Honeywell is also one of Charlotte’s Fortune 500 companies, ranking No. 114 on the prominent list with an annual revenue of $36.7 billion in 2024.
- It’s also unclear what the three-way split will mean for Honeywell’s standing on the Fortune 500 list.
- The Charlotte Regional Business Alliance monitors movement on the Fortune 500/1000 list closely but a spokesperson said “it’s too premature” to comment yet on what the split will mean for the local Fortune 500 standing.
What they’re saying: In a statement, Vimal Kapur, Honeywell’s chairman and CEO, referred to the “simplification” of Honeywell over the last year.
- “The formation of three independent, industry-leading companies builds on the powerful foundation we have created, positioning each to pursue tailored growth strategies, and unlock significant value for shareholders and customers,” Kapur said.
Flashback: Honeywell leaders said they selected Charlotte for the new headquarters because it is a “business- and family-friendly city” that happens to be close to other Honeywell businesses in the Southeast, I reported for the Observer in 2018.
- Plus, local and state governments offered Honeywell tens of millions in incentives and tax breaks to come here if it met certain job-creation goals.
- A few years after its relocation, Honeywell opened its new headquarters offices in Uptown, anchoring the 23-story Legacy Union property developed by Lincoln Harris at 700 S. Mint St.
What’s next: “This is only day 1 and it’s business as usual,” Leopold said. The split will not be complete until the second half of 2026.
